The goal of Parachute Panic is to guide a large number of skydivers to safety. Many planes are flying over the water and a number of skydivers emerge from each one. Some open their parachutes on their own, but some need the player to touch them using the iPhone's touch screen in order to open the chute. Further, the player must swipe the screen in order to cause the wind to correct a diver's course so that they can land safely on the boat. The boats might be stationary or they could be moving briskly along the water's surface.

Further, there are storm clouds and helicopters in the area which pose threats, not to mention the occasional UFO that seeks to abduct the skydivers. Tap on a threat 5 times to eliminate one. However, if a skydiver actually hits the water, the resident shark is fed. The game is over if 5 skydivers meet their demise on your watch.

The game is played in the tall mode of an iPhone or iPod Touch and features an art style made to look like crude pencil and crayon drawings on a piece of notebook paper.

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